Indiana § 27-1-33-6 Acting in capacity of MGA with respect to risks; prohibitions; bond;
errors and omissions policy

Indiana Statutes

§ 27-1-33-6 — Acting in capacity of MGA with respect to risks; prohibitions; bond; errors and omissions policy

Indiana·Title 27 INSURANCE·Art. 1 DEPARTMENT OF INSURANCE·Ch. 33 Managing General Agents

(a)A person, a firm, an association, or a corporation may not act in the capacity of an MGA with respect to risks located in Indiana for an insurer licensed in Indiana unless that person is a licensed producer in Indiana.

(b)A person, a firm, an association, or a corporation may not act in the capacity of an MGA representing an insurer domiciled in Indiana with respect to risks located outside Indiana unless that person is licensed as a producer in Indiana pursuant to the provisions of this chapter. For the purposes of this subsection, a person is licensed as a producer in Indiana if that person holds a nonresident license.

(c)The commissioner may require a bond in an amount determined by the commissioner for the protection of the insurer.

(d)The commissioner may require an MGA to main

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(a) A person, a firm, an association, or a
corporation may not act in the capacity of an MGA with respect to risks
located in Indiana for an insurer licensed in Indiana unless that person
is a licensed producer in Indiana.
(b) A person, a firm, an association, or a corporation may not act in
the capacity of an MGA representing an insurer domiciled in Indiana
with respect to risks located outside Indiana unless that person is
licensed as a producer in Indiana pursuant to the provisions of this
chapter. For the purposes of this subsection, a person is licensed as a
producer in Indiana if that person holds a nonresident license.
(c) The commissioner may require a bond in an amount determined
by the commissioner for the protection of the insurer.
(d) The commissioner may require an MGA to maintain an errors
and omissions policy.

Indiana § 27-1-33-6 (Acting in capacity of MGA with respect to risks; prohibitions; bond; errors and omissions policy) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.